Webinar: Supervision Strategy - FCA's new supervision strategy for GI brokers
FCA’s new supervision strategy for GI brokers
In the FCA’s Dear CEO letter of 4 September 2020 they set out a new supervision strategy for GI brokers as they believe customers are buying unsuitable or poor value products and that insufficient or unclear information is being provided at point of sale and inappropriate sales tactics are the biggest contributors of customer harm.
Whilst the letter covers everything below the one hour event will focus on the following:-
- Firms’ response to covid;
- Governance and oversight;
- Bedding in of SMCR to incl Conduct Rules for all staff;
- Incentive arrangements incl remuneration for firm and staff;
- Business models incl distribution chains, product oversight and design, sales and renewals, conflicts of interest and ARs;
- Uncertainty brought about by the BI court case and handling of claims, complaints and ongoing communications;
- Brief reminder - EU withdrawal + actions that should have been taken by 31/12/20.
It is very clear from the FCA’s pronouncements on vulnerable customers and pricing that more work is to come for brokers and insurers alike.
Learning objectives - by the end of this webinar you will gain an overview of:-
- The FCA’s new supervision strategy for GI brokers;
- The threat to brokers in terms of the advice process;
- ICOBS and how to ensure your sales process is robust (demands and needs, suitability, advice/personal recommendation, explanation of cover and summaries of cover)
- Other relevant ICOBS and IDD requirements to include compulsory training, product oversight and governance and conflicts of interest.
It is relevant to all client-facing staff and the firm’s senior managers at broking firms, insurers and anyone with an interest in GI.
Branko Bjelobaba FCII has worked for 32 years across the sector and latterly at PwC and GISC and has led his own consultancy practice for 16 years. He works closely with AMII (retained compliance consultant since 2004), BIBA and the CII and has provided many well-received (even entertaining!) training events throughout the UK. He is a recipient of the Thomson Reuters Compliance Personality of the Year Award and the London Market People Award for Legal and Compliance.
This demonstrates the quality of an event and that it meets CII member CPD scheme requirements.
1 hour's CPD can be claimed for this event if relevant to your learning and development needs.
It is recommended that you keep any evidence of the CPD activity you have completed and upload copies to the recording tool as the CII may ask to see this if your record is selected for review. Details of the scheme can be viewed online at www.cii.co.uk/cpd.